NIO and Geely Partner to Integrate Battery Swapping Networks

NIO and Zhejiang Geely Holding Group signed a broad agreement to integrate their battery-swapping and charging businesses. As part of the deal, Geely Holding Group will acquire a 30 percent stake in NIO Power, the energy unit of NIO, by contributing its full equity in Yiyi Power and 640 million yuan ($95 million) in cash.

This transaction values NIO Power at approximately 16 billion yuan ($2.38 billion). In exchange, NIO will acquire a 10 percent stake in Haohan Energy, a smart charging subsidiary of Geely. The two companies intend to co-develop vehicle models and establish unified swapping standards to streamline electric vehicle infrastructure.

Both companies have set aggressive expansion targets. NIO Power aims to deploy 10,000 battery swap stations by 2030. Geely intends to expand its network to more than 22,000 charging stations with over 100,000 connectors by the end of 2027.